The process of developing local industries to manufacture goods to replace imports is known as
A) export promotion.
B) import substitution.
C) export favoritism.
D) import promotion.

Question

Quizplus · Accepted Answer

Import substitution is the strategy aimed at encouraging the development of local industries to produce goods to replace imports, thereby reducing a country's dependence on foreign goods.

The Process of Developing Local Industries to Manufacture Goods to Replace